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Company Y's common stock recently paid a dividend of $1. They have traditionally grown their dividend at 2%. However, after a year of great performance,

Company Y's common stock recently paid a dividend of $1. They have traditionally grown their dividend at 2%. However, after a year of great performance, they have decided to begin growing their dividend at 3%. The price of the common stock is $14.57. If the required return on the common stock is 9%, what will the new stock price be after the change in the dividend growth rate? Responses $17.00 $17.00 $16.58 $16.58 $16.69 $16.69 $17.17

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